President Bola Tinubu has reaffirmed Nigeria’s commitment to a low-carbon future, unveiling a sweeping climate strategy expected to unlock $2.5 billion in high-integrity carbon credits and attract over $410 billion in green investments by 2060.
Speaking on Wednesday during a high-level virtual dialogue on climate and just transition, President Tinubu presented Nigeria’s Energy Transition Plan (ETP) as a bold and pragmatic roadmap to achieving net-zero emissions by 2060.
The plan, he said, targets five critical sectors—power, cooking, transportation, oil and gas, and industry—while aligning energy access with decarbonisation and economic growth.
“The global climate emergency demands our collective, courageous, and sustained leadership. For Nigeria, the urgency of this moment is clear: we view climate action not as a cost to development, but as a strategic imperative,” Tinubu declared during the session.
The event, co-hosted by United Nations Secretary-General António Guterres and Brazilian President Luiz Inácio Lula da Silva, brought together leaders from 17 countries, including major economies like China and the European Union, as well as climate-vulnerable nations and regional blocs such as the African Union, ASEAN, and the Alliance of Small Island States.
Addressing the forum from Abuja, Tinubu announced the finalisation of the Nigeria Carbon Market Activation Policy, expected in March 2025.
The policy is designed to unlock $2.5 billion in carbon credits by 2030, creating a new stream of climate finance and boosting investor confidence in Nigeria’s clean energy space.
“We are in the process of aligning our regulatory environment, fiscal incentives, and institutional frameworks to ensure that energy access, decarbonisation, and economic competitiveness proceed in lockstep,” Tinubu said.
Nigeria’s ETP, he explained, outlines a financing need of more than $410 billion by 2060, underscoring the scale of investment required to transform the country’s energy systems.
Tinubu also highlighted Nigeria’s leadership in the Mission 300 initiative, a partnership with the World Bank and African Development Bank aimed at delivering electricity to 300 million Africans by 2030.
The President pointed to Nigeria’s National Energy Compact, introduced earlier this year as part of the Dar es Salaam Declaration, as a milestone document.
The compact provides detailed reform commitments, investment prospects, and measurable targets to boost access to electricity and clean cooking solutions.
“This compact is among the first of its kind in Africa and lays out our policy reform commitments and specific investment opportunities in the energy sector,” Tinubu said.
In a broader effort to attract climate finance, Tinubu revealed plans for a Global Climate Change Investment Fund.
The fund will serve as a blended finance platform, combining public and private capital to de-risk green infrastructure and fund clean energy projects, including green industrial hubs, e-mobility infrastructure, regenerative agriculture, and renewable mini-grids for underserved communities.
“Our climate strategy is not limited to planning and regulation — it is also rooted in market reform,” he added. “We are working to position Nigeria as a premier destination for climate-smart investment.”
President Tinubu also disclosed that Nigeria is currently updating its Nationally Determined Contributions (NDCs) under the UN Framework Convention on Climate Change, with a comprehensive revision slated for presentation by September 2025.
He expressed appreciation to international partners, including the United Nations and Sustainable Energy for All (SEforALL), for their advisory and technical support.
“These partnerships are a shining example of the value of multilateral cooperation in climate delivery. We are prepared to collaborate, lead, and deliver — because we understand that the time for climate action is not tomorrow; it is now,” Tinubu said.
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